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troduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #89-11-296 <br /> <br />RI,;S()I,IJ'I'tt~i~-J PROVII)IN(; FOR THE ISSUANCE AND SALE OF $235,000 <br />GENI~;I/,,\~, ()I~,I(;ATI()N TAXi INCREMENT BONDS, SERIES 1989B <br /> <br />NOW TIii,;REI,'ORI~;, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF I,i/\MM,;¥, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />1 ) 'l't~:~t il b; hereby dete~rnined: <br /> <br />That thc City has duly established Development District No. 1 (District) <br />pursuant to Minnesota Statutes, Sections 469.124 through 469.134 (the <br />Act); <br /> <br />That thc City has duly established tax increment financing district no. 1 and <br />tax increment financing district no. 4 (T~ Districts) within the District <br />imrsuant to Minnesota Statutes, Sections 469.124 through 469.134 (TIF <br />Act); <br /> <br />~l'hat thc City is authorized by Section 469.178 of the TIF Act to issue and <br />sell its general obligations to pay all or a portion of the public development <br />costs (Costs) related to the District as identified in the development program <br />~md tax incrementfinancing plans (Plans) for the TIF Districts; <br /> <br />That the Plans list the following Costs to be financed by the Bonds: <br /> <br />l'ublic Improvements: <br /> <br />Development Cost <br /> <br />l'z,'k Improvernen ts $ <br />Industrial Water <br />Industrial Sower <br />Capitalizcd Interest <br />Administration and Costs of Issuance <br /> Subtotal $ <br />Discount <br /> TOTAL $ <br /> <br />135,219 <br />49,292 <br />34,965 <br />0 <br />12,469 <br />231,945 <br />3,055 <br />235,000 <br /> <br />That it is necessary and expedient to the sound financial management of the <br />affairs of the City to issue $235,000 General Obligation Tax Increment <br />Bonds, Series 1989B (Bonds) to provide financing for the Costs. <br /> <br /> 2) ~l't~;~i in order to provide financing for the Costs, the City will issue and sell Bonds <br />in thc amo~ mr r,I 5731,945. To provide in part the additional interest requked to market the Bonds <br />at this time, :trl{l~li<,nal Bonds will be issued in the amount of $3,055. The excess of the purchase <br />price of lh~, [4r~d>.~ ~)ver the sum of $231,945 will be credited to the debt service fund for the <br />Br>nds for 1},¢ l'~.~l,<:>st; off paying interest first coming due on the additional Bonds. The Bonds <br />will bc isst~c¢l, s<>irf and delivered in accordance with the terms of the following Official Terms of <br />O[Tcring: <br /> <br /> <br />